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Indeed, in the Bay Area, where real estate prices run the gamut from excessive to stratospheric, retirement-age folks fortunate enough to have a lot of equity in their homes might choose to sell their houses so they can purchase less-expensive abodes in other states and pocket the difference.

But where should they move to?

The financial analysis site WalletHub tackled that question in a new study that ranks the best states for retirees. The rating was based on three criteria: Affordability (40 percent), quality of life (30 percent) and health care (30 percent). Each category was evaluated based on a number of weighted metrics. For example, under affordability, the study considered the cost of in-home services and adult day care, among other things.

You never know what your expenses will be like once you retire. So it's important to look ahead to make sure that you're covered.

Media: Money

WalletHub asked several experts about common mistakes that retirees make when choosing where to settle.

"Failure to carefully weigh the pros and cons of staying in their present homes," said Sociology Professor Jim Mitchell of East Carolina University. "For many, home equity is a significant asset and the risks and benefit of relinquishing that asset should be considered carefully in light of replacement costs."

Eva Kahana, professor and director of the Elderly Care Research Center at Case Western Reserve University, said many elderly people don't consider the distance and ease of travel for family members.

"This becomes important when retirees get older and health problems arise resulting in needs for caregivers," she said.

The above slideshow compares California with the best states (and some of the worst) states to retire in.

WalletHub's sources for the ranking: Data were collected from the U.S. Census Bureau, Federal Bureau of Investigation, Council for Community and Economic Research, U.S. Bureau of Labor Statistics, Retirement Living Information Center, Genworth Financial, United Health Foundation, County Health Rankings, Measure of America, Centers for Disease Control and Prevention, Centers for Medicare & Medicaid Services, Charity Navigator, Gallup Healthways, GolfLink and WalletHub research.